The Federal Open Market Committee cut the federal funds rate another 25 basis points to 2%. The WSJ breaks out the announcment FOMC statement in a feature called Parsing The Fed.
Hint: Housing AND inflation
This will be it for a while.
Mortgages aren’t dropping so I don’t see this having much of an effect on anything housing related. Mortgage rates are rising because none of these actions actually assuage (sp?) investors in the securitization market. In fact, I can’t think of one thing that has been done over the past 9 months at a federal level that has actually averted a weaker economy and drop in the housing market.